First 2008 presidential debate kicks off...

The first presidential debate of 2008 has just begun at the Ford Center in Oxford, Mississippi, moderated by Jim Lehrer of PBS. The debate will last ninety minutes and will focus mainly on international affairs and national defense, although there will be questions about the global financial crisis.

I'll be liveblogging the entire debate. The Think Progress team is also going to be doing extensive liveblogging.

The first question concerns the bailout plan proposed by the Bush administration.

Obama: Any rescue plan needs to protect Main Street, curb abuse of power by corporate executives, strengthen oversight, and put meaningful regulations on the book to prevent this from happening again.

McCain: Hopeful that a deal can be reached, hopeful that House Republicans will sign on to a plan so a deal can be brokered.

Crossfire: Obama talked about addressing the root of the financial crisis, while McCain paid lip service to all of the progressive principles Obama stands for - opportunity, prosperity, protection, responsibility, fairness.

The second question was a follow up centering on the budget.

McCain: Denounced earmarks and claimed he would slash spending if he becomes president (really, John?) Accused Obama of trying to obtain extra money for pet projects in his home state.

Obama: Earmark reform is important, but earmark reform is not a recipe for getting American families the help they need. Oh, and McCain's tax cuts for the wealthy will deepen the hole by an amount that dwarfs the total sum of all of Congress' earmarks added together.

Crossfire: Obama reemphasized his agreement on earmark reform and refuted McCain's attacks on his record. McCain defended his tax cuts and Obama explained the folly of his stance on taxes (he supports cutting taxes on top of the existing loopholes that have already made a mockery of our tax code).

The third question: what priorities would the candidates adjust, given that a Wall Street bailout would be very expensive.

Obama: We need to invest in science and technology is education, make college more affordable, rebuild our infrastructure, and begin a real transition to renewable energy sources.

McCain: We need to cut spending and get rid of government waste. Defense cost overruns need to be brought under control. McCain specifically mentioned his opposition to the Boeing contract. (Memo to Boeing executives: A great way to respond would be to endorse Barack Obama).

Crossfire: Moderator Jim Lehrer asked the candidates to clarify how the bailout would affect their platforms. Obama said he would cut out individual components out of his proposals. He also noted that we can obtain savings by withdrawing our occupation force from Iraq.

McCain talked about a spending freeze on the entire executive branch except for the Departments of Defense, Homeland Security, and Veterans' Affairs.

Next question: What are the lessons of Iraq?

McCain: Defended the occupation of Iraq and the escalation of that occupation under George Dubya Bush last year. Repeated Bush talking points about bringing democracy to the Middle East.

Obama: Reminded viewers that he opposed the occupation of Iraq from the beginning, and believes we need to refocus our resources defeating the Taliban in Afghanistan. We have to use our military force wisely.

Crossfire: McCain and Obama argued at length about Iraq. Obama slammed McCain's support of the occupation, noting that he had been wrong from rhe very beginning about everything: the duration of the conflict, being greeted as "liberators", and dismissing the potential for violence between different groups in Iraq. McCain tried gamely to respond by claiming Obama has opposed funding the troops. Obama debunked that lie and slammed McCain again for his irresponsible and unsound judgment.

Next question concerns Afghanistan: Do we need more troops there?

Obama: Would send two to three additional brigades to Afganistan quickly to deal with al Qaeda and the Taliban. We need to deal with the growing poppy trade and providing assistance to the Afghan government.

McCain: Won't ignore the lessons of history. Yeah, right... Says Pakisan is a "very important element" in this. Attacked Obama's willingness to launch a strike into Pakistan as dangerous. (What's wrong, John? Aren't you for preemptive attacks anytime, anywhere?)

Crossfire: Obama blasted McCain in a beautiful response, noting that McCain has a history of provocative rhetoric (Bomb bomb bomb, bomb bomb Iran) and calling for the extinction of North Korea. McCain gamely tried to respond but failed to refute Obama's scathing, calmly delivered attacks.

Next question is about the threat from Iran.

McCain: If Iran acquires nuclear weapons, it is a big threat that we can't ignore. We need a "League of Democracies". (Um, hello? John? Ever heard of the United Nations? You know, that organization born out of the Allied coalition that won World War II and defeated fascism?)

Obama: The policies of George Dubya Bush (including the occupation of Iraq) have strengthened Iran's influence and power. Talking about punishment and isolation is counterproductive and only makes bad actors like Iran stronger.

Crossfire: McCain accused Obama of wanting to legitmize hostile leaders by meeting with them without preconditions. Obama fired back, pointing out that even past Republican presidents have engaged in direct diplomacy, and that Henry Kissinger and other secretaries of state have called for meeting Iranian leaders "without preconditions". McCain smiled and looked uncomfortable as Obama slowly and surely hauled him to the woodshed.

Next question is about Russia.

Obama: We need to reevaluate our relationship with Russia. The United States must support Eastern European and Central Asian democracies. But we cannot return to a Cold War posture with Russia.

McCain: Derided Obama's response to the Russian/Georgian conflict last month, claiming he "doesn't understand" the situation there.

Crossfire: Obama reflected that we have to anticipate some of these problems. Russian and Georgian peacekeepers should not be stationed across those nations' respective boundaries, Obama noted. McCain proceeded to distort Obama's position on nuclear energy, to which Obama tried to respond.

Final question: What is the likelihood of another attack like September 11th?

McCain: Less than it was the day after September 11th, 2001. Touted his supposed "bipartisan" record of "reaching across the aisle" to protect America. Mentioned "Holy" Joe Lieberman. Our intelligence capabilities have to be better.

Obama: The biggest threat to the United States is a terrorist carrying a nuclear weapon. We have to do more to stop nuclear proliferation. We also have to disarm and destroy al Qaeda. America's standing in the world, which has been severely damaged by the Bush administation, must be restored.

Crossfire: Responded by trying to justify staying in Iraq. Obama pointed out that McCain and Bush have been focused on Iraq to the detriment of the national defense of the United States of America. We have weakened our power to project our forces around the world because of the occupation. The occupation is draining funds that are needed to keep American economic security strong.

We're in the final moments....McCain has the last word on how great he is.